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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported) January 25, 2007

                            BAXTER INTERNATIONAL INC.
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             (Exact name of registrant as specified in its charter)

                                    Delaware
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                 (State or other jurisdiction of incorporation)

                1-4448                                  36-0781620
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       (Commission File Number)             (IRS Employer Identification No.)

 One Baxter Parkway, Deerfield, Illinois                60015-4633
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 (Address of principal executive offices)               (Zip Code)

                                 (847) 948-2000
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              (Registrant's telephone number, including area code)


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          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities
     Act (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange
     Act (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

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ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL RESULTS.

On January 25, 2007, Baxter International Inc. issued an earnings press release
for the quarterly period ended December 31, 2006. The press release, including
attachments, is furnished as Exhibit 99.1 to this report.

The press release contains several non-GAAP financial measures as defined by the
Securities and Exchange Commission. These measures are used in addition to
results presented in accordance with generally accepted accounting principles
(GAAP). The non-GAAP financial measures reflect an additional way of viewing
aspects of the company's operations that, when viewed with GAAP results and the
accompanying reconciliations to corresponding GAAP financial measures, may
provide a more complete understanding of factors and trends affecting the
company's business. Management strongly encourages investors to review the
company's consolidated financial statements and publicly filed reports in their
entirety.

The non-GAAP financial measures include adjusted income from continuing
operations and adjusted earnings per diluted share, each excluding special
items. Special items are excluded because they are unusual or nonrecurring and
accordingly can be highly variable, difficult to predict, and of a size that may
substantially impact the company's reported operations for a period. Management
believes that these non-GAAP earnings measures facilitate a fuller analysis of
the company's results of operations, particularly in evaluating performance from
one period to another. Accordingly, management uses these non-GAAP measures
internally in financial planning, to monitor performance, and in setting
performance compensation targets.

The press release also uses "free cash flow," which is defined as cash flow from
operations less capital expenditures and is not a measure defined in accordance
with GAAP. This measure is used internally to evaluate the company's cash
performance, and management believes that free cash flow is a useful measure to
investors in that it provides a representation of the company's cash level
available to reduce debt outstanding, pay common stock dividends, repurchase
common stock or make strategic investments and acquisitions.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     (d) Exhibits.

         99.1     Press Release dated January 25, 2007.



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                              BAXTER INTERNATIONAL INC.

                                              By: /S/ DAVID P. SCHARF
                                                  ------------------------------
                                                   David P. Scharf
                                                   Corporate Vice President,
                                                   Associate General Counsel and
                                                   Corporate Secretary

Date:  January 25, 2007



                                  EXHIBIT INDEX

EXHIBIT NO.               DESCRIPTION
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 99.1        Press Release dated January 25, 2007.